PSI PA State Real Estate Practice Exam 2023 Questions and Correct Answers Pass 100% At Your First TRY A borrower may cure the default of a residential mortgage loan with an outstanding balance of $50,000 or less by merely bringing the payments up to date. If some person other than the mortgagor redeems the real estate, the borrower becomes responsible to that person for the amount of the - Correct AnswerRedemption
A Broker MUST - Correct Answerbe at least 21 years of age.be a high school graduate or equivalent.have completed 240 hours (16 credits) of real estate instruction as prescribed by the Commission within ten years of the date of passing both portions of the licensing examination; instruction required for the salesperson license does not qualify for broker licensure.have been engaged as a licensed real estate salesperson for at least three years or have experience and/or education that the Commission considers equivalent.pass both portions of a written examination within three years of the date of the license application.
A Builder-Owner Salesperson is - Correct Answeran individual who is a full-time employee of a builder-owner of single-family and multifamily dwellings and who
performs one or more of the following activities:
-Lists for sale, sells, or offers for sale real estate of the builder-owner -Negotiates the sale or exchange of real estate of the builder-owner -Leases or rents real estate of the builder-owner -Collects or offers or attempts to collect rent for the real estate of the builder-owner
A builder-owner salesperson MUST - Correct Answerbe at least 18 years of age, -be employed by the builder-owner (who is not licensed), -complete a written examination prior to licensure. -There is no education requirement
A cemetery broker MUST - Correct Answerobtain 60 hours of instruction as approved by the Commission, be engaged for three years (or equivalent) as a salesperson or cemetery salesperson pass a written examination prior to licensure.
A cemetery salesperson MUST - Correct Answerbe at least 18 years of age submit a sworn affidavit from the employing broker or cemetery broker attesting to the applicant's good reputation and that the broker will actively supervise and train the applicant. There is no education or examination requirement for licensure.
A contractor or subcontractor can file a claim with the court of common pleas in the county in which the property is located. This must be done within six months after the work is completed. If the claim is successful, the mechanic's lien takes priority as of the date on which the first "visible construction" begins when an improvement is erected or 1 / 2
constructed or as of the date the claim is filed when an existing improvement is altered or repaired. A claimant must take steps to enforce the lien within two years of the date the claim is filed. Enforcement is a court action to foreclose the lien through the sale of the real estate. Proceeds from the sale are then used to pay the lien. - Correct AnswerMechanics Lien
A course of dealing - Correct Answerconstitutes prima facie evidence of knowledge on the part of the employer.
a document must be in writing and properly executed (signed). Persons unable to place their signatures on a document may sign by mark in a manner that complies with statutory requirements. The document also must be acknowledged before a notary public. Public record offices may have specific rules about the size of documents and the paper they are printed on. Because an increasing number of public records are managed electronically, the actual filing of documents is more likely to be accomplished by e-mail attachment or electronic fax than in person. - Correct AnswerRecording
A fund established for aggrieved parties who have obtained uncollectible judgments against real estate licensees for fraud, deceit, or misrepresentation. The maximum amount that may be paid from the fund for any one claim is $20,000 and $100,000 per licensee. If $100,000 is insufficient to settle the claims against a licensee, the $100,000 shall be distributed according to the same ratio as the respective claims - Correct AnswerReal Estate Recovery Fund
A license become inactive when - Correct Answeran individual voluntarily relinquishes a license, sometimes referred to as putting a license in "escrow," or when an individual fails to properly renew a license.
A license may be reactived by - Correct Answersubmitting the proper forms and required fees within five years of the date the license became inactive. Brokers and salespersons must obtain 14 hours of continuing education before they can reactivate a license. An individual who does not reactivate a license within five years must retake the appropriate examination in order to be issued a license.
A person licensed as a real estate broker who chooses to work under the supervision of another broker. An individual who wants to manage a branch office for a licensed broker must have an associate broker license - Correct AnswerAssociate Broker
A person who performs real estate activities while employed by or associated with a licensed real estate broker. - Correct AnswerSalesperson
A salesperson MUST - Correct Answerbe at least 18 years of age, complete 60 hours of real estate as prescribed by the Commission, and pass both portions of the examinations prior to being issued a license
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